Do you have children or grandchildren? Or planning a wedding yourself?
Have you sat down and considered all those big possible mile stones you went through in life, buying a first car, going to university, house deposits and weddings, of course the list can go on.
Let’s just consider weddings at this time. Are you aware the average cost of a wedding in the UK now sits at £18,400, this is a staggering amount, especially in the current climate of high inflation.
Have you thought how the wedding can be funded?
Yes, you can borrow money, but is that the most logical and cost efficient.
Much like the big day planning takes time, we can’t plan to meet the ‘one’ tomorrow and get married in say 18 months time that becomes a whirlwind, but what you can plan for is the future where you already have your ‘wedding pot’ built up.
Now to make things simple if you saved £265 per month for the next five years with an average interest rate of 6% you’ll have a wedding pot of £18,489.06. Remember this is an average UK wedding cost the one you or a family member might be planning could be more or less.
What if you had a longer time to save, well the above £265 per month with the same rate of 6% over 10 years now looks like £43,428.03. Who knows what weddings will cost next year or the year after and so on.
As an independent financial adviser we are happy to discuss yours and your families milestones.